Post on 12-May-2021
1936 F UNITED STATES GOVERNMENT
EXECUTIVE OFFICERS
President - Franklin D. Roosevelt (ts-
Secretary of Treasury
Comptroller of Currency
Secretary of State Secretary of War Secretary of Navy Secretary of Interior Secretary of Agriculture Secretary of Commerce Secretary of Labor Postmaster General Attorney General
- Henry Morgenthau,
- J. F. T. O'Connor
- Cordell Hull - George H. Dera - Claude A. Swanson - Harold L. Ickes - Henry A. Wallace - Daniel C. Roper - Frances Perkins - Dames A. Farley - Homer S. Cunmings
Jr. (appoint.4 A served wi
(date of appoint resigned April :
BirtY_ . . =~ --- I -YUY61~LLZ~ :ll~i
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1936 January
, 7th Congress
iaeWA'a )
Re-hre"^
FLETCHER, Duncan U. GLASS, Carter WAGNER, Robert F. BARKLEY, Alben W. BULKLEY, Robert J. GORE, Thomas P. COSTIGAN, Edward P. REYNOLDS, Robert R. BYRNES, James F. BANKHEAD, 2nd John H. MCADOO, William Gibbs ADAMS, Alva B. MALONEY, Francis T. RADCLIFFE, George L.
Florida Virginia New York Kentucky Ohio Oklahoma Colorado North Carolina South Carolina Alabama California Colorado Connecticut Maryland
NORBECK, Peter TOWNSEND Jr. John G. CAREY, Robert D. COUZENS, James STEIWER, Frederick
South Dakota Delaware Wyoming Michigan Oregon
U. S. G 0V E RN M E N T
SENATE
Banking and Currency Committee
PerMr Pi 0Aa M ^^pbfBaoa^sy
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1
L
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1936 January
SDemocratv
STEAQALL, Henry B. Alabama HOLLI GOLDSBOEOUGH, T. Alan Maryland WOLCO REILLY, Michael K. Wisconsin CAVIC HANCOCK, Frank North Carolina FISH WILLIAMS, Clyde Mississippi GIFFO CROSS, 0. H. Texas DIRKS SPENCE, Brent Kentucky FENER BROWN, Prentiss M. Michigan SISSON, Fred J. New York FARLEY, James I. Indiana MEEKS, James A. Illinois KOPPLEMANN, HermanP. Connecticut KENNEDY, Martin J. New York FOD, Thomas F. California SBROWN, Paul Georgia RUSSELL Richard M. Massachusetts DRISCOLL, .D 0. Pennsylvania
DLB[ A-i~t-^-^, ^ ^.:.^.^ .
STER, John B. TT, Jesse P. CHIA, Peter A. Jr., Hamilton RD, Charles L. EN, Everett M. TY, Clare G.
Ohio Michigan New Jersey New York Massachusetts Illinois Pennsylvania
U. S. G 0V E RN ME N T
HOUSE OF REPRESENTATIVES
Banking and Currency Committee
74th Congress
- -- - -~-
Republicans
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1936FEDERAL RESERVE SYSTELZ
BOARD OF GOVEITNORS
Marriner S. Eccles, Chairman
Joseph A. Broderick
Ronald Ransom, Vice Chairman
M. S. Szymcak John K. McKee Chester C. Davis (eff. 6/25) Ralph W. Morrison (2/10/36 res. 7/9/36)
Charles S. Hamlin, Special Counsel Lawrence Clayton, Assistant to the Chairman Elliott Thurston, Special Assistant to the Chairman
Secretary's Office Chester Morrill, Secretary
Liston P. Bethea, Asst. Sec. S. R. Carpenter, Asst. Sec. J. C. Noell, Asst. Sec.
Counsel's Office Walter Wyatt, General Counsel
George B. Vest, Asst. Gen. Counsel B. Magruder Wingfield, Asst. Gen.Counsel
Division of Examinations Leo H. Paulger, Chief
R. F. Leonard, Asst. Chief C. E. Cagle, Asst. Chief
Division of Research and Statistics E. A. Goldenweiser, Director
Woodlief Thomas, Asst. Dir. Lauchlin Currie, Asst. Dir. George W. Blattner, Asst. Dir.
Division of Bank Operations E. L. Smead, Chief
J. R. Van Fossen, Asst.Chief J. E. Horbett, Asst. Chief
Division of Security Loans Carl E. Parry, Chief
Philip E. Bradley, Asst. Chief Fiscal Agents
0. E. Foulk, Fiscal Agent Josephine E. Lall*. Deputy .
l^^l |,^,... - yical &enl__. IT=, - -'? - - - -- ri 7 0
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1936 FEDERAL RESERVE STSStFEDERAL ADVISORY COUNCIL
District No. 1 (Boston) Thomas M. Steele
District No. 2 (New York) James H. Perkins
District No. 3 (Philadelphia) Howard A. Loeb, Vice President
District No. 4 (Cleveland) Arthur E. Braun
District No. 5 (Richmond) Charles M. Gohen
District No. 6 (Atlanta) H. Lane Young
District No. 7 (Chicago) Edward E. Brown
District No. 8 (St. Louis) Walter W. Smith, President
District No. 9 (Minneapolis) Theodore Wold
District No. 10 (Kansas City) W. T. Kemper
District No. 11 (Dallas) Joseph H. Frost
District No. 12 (San Francisco) M. A. Arnold
Walter Lichtenstein, SecretaryDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1936 (to Card 1
1.
2.
3.
4.
5.
6.
March 1)
Composed
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta -
FEDERAL RESERVE SYSTEM
FEDERAL OPEN IRKET COITTEE
of 12 Governors of Federal Reserve Banks,
Roy A. Young 7. Chicago
G. L. Harrison 8. St. Louis
- George W. Norris 9. Minneapolis
M. J. Fleming 10. Kansas City
George J. Seay 11. Dallas
Oscar Newton 12. San Francisco
up to March 1. 1936 I
G. J. Schaller
William Mc. Martin
W. B. Beery
George H. Hamilton
B. A. LMcinney
- John U. Calkins
i
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1936 June Card 2
Joseph A.Broderick M. J. Fleming
G. H. Hamilton John K. McKee
M. S.Szymc
B.A. McKinney Ralph W. Morrison
FEDERAL RESERVE SYSTEM FEDERAL OPEN MARKET COMM.ITTEE
Marriner S. Eccles,Chairman George L. Harrison, Vice Chairman
Chester Morrill, Secretary
Walter Wyatt, Counsel
E. A.Goldenweiser, Economist
John H.Williams,Associate Economist
W. Randolph Burgess, Manager of Account
7..
:1
Ronald Ransom George J. Schaller
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1936Federal Reserve Bank of Boston (Dist. 1)
DIRECTORS
Class A
SEWALL, Arthur (Bath, Me.) REED, L. S. (Waterbury, Conn.) RIPLEY, A. L. (Boston, Mass.)
Class B
FROST, E. J. (Boston, Mass.) FRENCH, E. S. (Boston, Mass.) ALLEN, P.R. (E. Walpole, Mass.)
Term Expires
1936 1937 (elected) 1938(re-elected)
1936 1937 1938 (re-elected)
Class C
HOLLIS, Allen (Concord, N.H.) Deputy Chairman MERRIMAN, C. H. (Providence, R.I.) CURTISS, F. H. (Boston, Mass.) Chairman and FR Agent
1936 1937 1938 (re-appointed)
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1936 Federal Reserve Bank of Boston (Dist. 1)
OFFICERS
* Governor
*Deputy Governor
Vice President
Chairman and Federal Reserve Agent
Deputy Chairman
- R. A. Young
W. W. Paddock
- W. Willet
E. H. Curtiss
Allan Hollis
*Note: The titles of Governor and Deputy Governor was changed to President and First Vice President, effective March 1. W. Willet was appointed Vice President on March 1.
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Federal Reserve Bank of New York (Dist. 2)
OFFICERS
*Governor - G. L. Harrison
* Deputy Governors - W. R. Burgess L. R. Rounds L. F. Sailer
W. S. Logan J. H. Williams Allan Sproul +
Chairman and Federal Reserve Agent - J. H. Case (resigned Apr. 30)
Deputy Chairman - 0. D. Young (from June 16 to Dec. 31)
* Note: The titles of Governor and Deputy Governor was changed to President and Vice President, after March 1.
+ Mr. Sproul was appointed First Vice President, after March 1 and C. H. Coe was appointed Vice P , ..
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1936
CLASS A
BERRY, Cecil R. (VCverly)
DAVISON, George W. (Greenwich)
MILLS, Edward K. (Morristown)
CLASS B
STEVENS, Robert T. (Plainfield)
WATSON, Thomas J. (Short Hills)
TEAGLE, Walter Q. (Port Chester)
CLASS C
WOOLLEY, Clarence M. (Greenwich)
CASE, J. Herb
YOUNG, Owen D
Feder
1/1/34
1/1/35
1/1/36
1936
1937
1938
1/1/34 1936
irt (Plainfield) 1/1/35 1937
. (Van Hornesville) 6/17/36 1937
aLReserve Bank of N YBORK (Dist-. 2)
DIRECTORS Dec. 31
Term Began Term Ende
1/1/34 1936
1/1/35 1937
1/1/36 1938 (:
(reelected)
(resigned 4/30/36) (Chairman) (Deputy Chairman)
j
reelected)
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Federal Reserve Bank of Philadelphia (Dist. 3)
OFFICERS
Governor - G. W Norris
Deputy Governors - W. H. Hutt(res. /30) J. S. Sinclair
• C. A. McIlhenny
Chairman and Federal Reserve Agent
Deputy Chairman
President - J. S. Sinclair First Vice
President- W. H. Hutt (res. 1/30) F. J. Drinnen (eff. 6/1)
Vice President- C. A. McIlhenny
- R. L. Austin
- vacancy
Note: According to the Banking Act of 1935 the titles of Governor and Deputy Governors were changed to President and Vice Presidents, effective Mar. 1.
.....................................
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1936Federal Reserve Bank of Philadelphia (Dist. 3)
DIRECTORS
Class A
REILY, G. W. (Harrisburg, Pa.) HENNING, J.B. (Tunkhannock, Pa.) WAYNE, Joseph (Jr.) (Philadelphia, Pa.)
Term Expires Dec. 31
1936 1937 1938 (re-elected)
Class B
DeLaCOUR, J. C. (Camden, N.J.) STOUT, C.F.C. (Camden, N.J.) SEtALL, A.W. (Philadelphia, Pa.)
1936 1937 1938 (re-elected)
Class C
Vacancy CANNON, H. L. (Bridgeville, De.) AUSTIN, R. L. (Philadelphia, Pa.) Chairman and FR Agent
1937 1938 (re-appointed)
_ i~_ i_ __
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1936
* Governor
* Deputy Governors
M. J. Fleming
F. J. Zurlinden H. F. Strater
First Vice President - F. J. Zurlinden
Vice Presidents - H. F. Strater W. F. Taylor
Chairman and Federal Reserve Agent
Deputy Chairman
- E. S. Burke, Jr. (March 1 to Dec. 31)
- E. S. Burke, Jr. (Jan. 1 to Feb. 29)
*Note: The titles of Governor and Deputy Governors were changed according to the act passed in 1935, to President and Vice Presidents. Therefore, the President, Vice INresi~p Ireident became effective March 1.
Federal Reserve Bank of Cleveland (Dist. i)
OFFICERS
1 j
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Federal Reserve Bank of Cleveland (Dist. 4)
DIRECTORS
Term Expires Dec. 31
CONNER, B. R. (Conner, Ohio) LAMBERTON, Ches (Franklin, Pa.) WARDROP, R. A. (Pittsburgh, Pa.)
1936 1937 1938 (re-elected)
Class B
GALVIN, J. E. (Lima, Ohio) WRIGHT, R. P. (Erie, Pa.) CRABBS, G. D. (Cincinnati, Ohio)
1936 1937 1938 (re-elected)
Class C
KNIGHT, W. W. (Toledo, Ohio) BRAINARD, G. C. (Youngstown, Ohio) BURKE, E. S. (Jr.) (Cleveland, Ohio) Chairman and FR Agent
1936 1937 1938 (re-appointed)
1936
Class A
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1936Federal Reserve Bank of Richmond (Dist. 5)
OFFICERS
* Governor
President
*Deputy Governors
Chairman and Federal Reserve Agent
Deputy Chairman
- George J. Seay
- Hugh Leach
R. H. Broaddus J. S. Walden, Jr. (G. H. Keesee)
F. A. Delano (January 1 to Feb 29 and from March 17 to Dec. 31)
- vacancy
* Note: the banking Act of 1935 changed the titles of Governor and Deputy Governors to President and Vice Presidents effective March 1. G. H. Keesee was a Vice President, but not a Deputy Governor.
4:
_ T~i-rjl P 7---~-Cr
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1936
RIEMAN, C. E. (Baltimore, Md.) BRASWELL, J.C. (Rocky Mount, N.C.) JOHNSON, L.E. (Alderson, W.Va.)
1936 1937 1938 (re-elected)
Class B
REED, C. C. (Richmond, Va.) HANNA, J. H. (Washington, D. C. ) MALLOY, Edwin (Cheraw, S. C.)
1936 1937 1938 (re-elected)
Class C
DELANO, F. A. (Washington, D. C.) Chairman and FR Agent LASSITER, Robert (Mooreaville, N.C.) Vacancy
1936 1937
Federal Reserve Bank of Richmond (Dist. 5)
DIRECTORS
Term Expires Dec. 31Class A
__ ___~ i _ __ _~~ ~~ _i _1__ i__ _
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1936Federal Reserve Bank of Atlanta (Dist. 6)
OFFICERS
*Governor
* Deputy Governors
First Vice President
Chairman and Federal Reserve Agent
Deputy Chairman
- Oscar Newton
- H. F. Conniff H. W. Martin
(M. W. Bell)
R. S. Parker
H. W. Martin (March 1 to Dec. 31)
- W. H. Kettig (Jan. 1 to Feb. 29)
*Note: The titles of Governorand Deputy Governors were changed to President and Vice Presidents, effective March 1. Mr. Bell was a Vice President appoited after March 1. Mr. Martin did not become a Vice, tN|^ eereegBen ii March.
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Federal Reserve Bank of Atlanta (Dist. 6)
DIRECTORS
Class A
CLAY, R. G. (Atlanta, Ga.) COOK, W. D, (Meridian, Miss.) WHITE, G. J. (Mount Dora, Fla.)
Term Expires Dec, 31
1936 1937 1938 (elected)
Class B
McCRARY, J.A. (Decatur, Ga.) HALL, Fitzgerald (Nashville, Tenn.) GEORGE, E. T. (New Orleans, La.)
1936 1937 1938 (elected)
Class C
ALLEN, J. P. (Atlanta, Ga.) KETTIG, W. H. (Birmingham, Ala.) Deputy Chairman MARTIN, H. W. (Atlanta, Ga.) Chairman and FR Agent
1936 1937 1938 (appointed)
_ _ _I__
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1936 Federal Reserve Bank of Chicago (Dist.
OFFICERS
* Governor
*Deputy Governors
Vice President
Chairman and Federal Reserve Agent
Deputy Chairman
- G. J. Schaller
(H. P. Preston) C. R. Mc Kay J. H. Dillard
- W. H. Snyder
S E. M. Stevens (effective Mar. 1, resigned March 31)
- R. E. Wood (from July 7 to Dec. 31)
*Note: The titles of Governor and Deputy Governors were changed to Vice Presidents effective March 1.
* Mr. Preston was appo 'e1 PYresident on March 1)
President and
7)
-- --- -
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1936 Federal Reserve Bank of Chicago (Dit. 7) Federal Reserve Bank of Chicago (Dist. 7)
DIRECTORS
Class A
LEAVELL, J. R. (Chicago, Ill.) ESTBERG, E. R. (Waukesha, Wis.) WILLIAMS, F. D. (Iowa City, Iowa)
Term Expires Dec.- 31
1936 1937 1938 (re-elected)
Class B
BABB, M. W. (Milwaukee, Wis.) CRAPO. S. T. (Detroit, Mich.) NOYES, N. H. (Indianapolis, Ind.)
1936 1937 1938 (re-elected)
Class C
STEVENS, E. M. (Chicago, Ill.) Chairman and FR Agent LEWIS, F. J. (Chicago, Ill.) WOOD, R. E. (Chifago, Ill.) Deputy Chairman
1936 1937 1938
(res. March 31) (July 7) (appointed)
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1936
* Governor - vm. Mc C. Martin
* Deputy Governors- 0. Mi. Attebery J. G. McConkey
(J. S. Wood, appointed May 1)
Chairman and Federal Reserve Agent - J. S. Wood (until April 30)
Deputy Chairman - Paul Dillard (until February 29)
*Note: The titles of Governor and Deputy Governors were changed to President and Vice Presidents effective March 1. Mr. Attebery was on March 1 elected as First Vice President and Mr. Wood who was not a Deputy Governor was elected on May 1 as a Vice President,
__________ -.ae ^ f_________
Federal Reserve Bank of St. Louis (Dist. 8)
OFFICERS
i
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1936 Federal Reserve Bank of St. Louis (Dist. 8)
DIRECTORS
Class A
NAHM, M. B. (Bowling Green, Ky.) HITT,F. G. (Zeigler, Ill.) LONSDALE, J. G. (St. Louis, Mo.)
Class B
HARRIS, J. W. (St. Louis, Mo.) PLUNKETT, W. B. (Little Rock, Ark.) STURDIVANT, M. P. (Glendora, Miss.)
Term Expires Dec. 31
1936 1937 1938 (re-elected)
1936 1937 1938 (re-elected)
Class C
*OWOD, J. S. (St. Louis, Mo.) Chairman and FR Agent DILLAHD, Paul (Memphis, Tenn.) Deputy Chairman STANLEY, J. R. (Evansville, Ind.)
* Mr. Wood served only up to April 30, as in accordance with
the Banking Act of 1935.
1936 1937 1938 (re-appointed)
i
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1936
Governor - W. B. Geery (served to March)
President
Deputy Governors (Vice Presidents)
Chairman a nd Federal Reserve Agent
Deputy Chairman
- J. N. Peyton
- Harry Yaeger H. I. Ziemer
- J. N. Peyton (from the beginning of the year unitl March)
W. B. Geery ( from March 1 to Dec. 31)
H. P. Clark (January 1 to Feb. 29)
Note: The titles of Governor and Deputy Governor were changed to President and Vice President effective March 1.
Federal Reserve Bank of Minneapolis (Dist. 9)
OFFICERS
i '-L ~
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1936Federal Reserve Bank of Minneapolis (Dist. 9)
DIRECTORS
Class A
HANSEN, H. C. (Churchs Ferry, N. Dak.) GRANGAARD, M.O.'(minneapolis, Minn.) KIBBEE, H. R. (Mitchell, S. Dak.)
Class B
FUNK, A. P. (La Crosse, Wis.) WASHBURN, W. O. (St. Paul, Minn.) O'CONNELL, J.E. (Helena, Mont.)
Term Expires Dec. 31
1936 1937 1938
1936 1937 1938
(re-elected)
(re-elected)
Class C
CLARK, H. P. (St. Paul, Minn.) Deputy Chairman McCORMICK, G.W. (Menominee, Mich.) GEERY, W. B. (Minneapolis, Minn.) Chairman and FR Agent
1936 1937 1938 (appointed)
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r..
~
OFFICERS
*Governor
*Deputy Governors
Chairman and Federal Reserve Agent
Deputy Chairman
- G. H. Hamilton
- C. A. Worthington J. W. Helm
- J. J. Thomas (served all year)
- E. P. Brown (served from Jan. 1 to Feb. 29)
*Note: the titles of Governor and Deputy Governors were changed to President and Vice President effective March 1, Mr. Worthington was appointed First Vice President after March 1 leaving Mr.Helm as the only Vice President.
------------- -- ----- __ -... . * ---... _- __ .;3 ..--- _ ..
Federal Reserve Bank of Kansas City (Dist. 10)
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1936
PARKS, C. C.(Denver, Colo.) SPONABLE, E, W. (Paola, Kans.) MULLANEY, (Hill City, Kans.)
1936 1937 1938 (re-elected)
Class B
HOSFORD, W. D. (Omaha, Neb.) BERNARDIN,J. M. (Kansas City,Mo.) PHILLIPS, L. E. (Bartlesville, Okla.)
1936 1937 1938 (re-elected)
Class C
BROWN, E. P. (Davey, Neb.) Deputy Chairman DOOLIN, J. B. (Alva, Okla.) THOMAS, J. J. (Kansas City, Mo.) Chairman and FR Agent
1936 1937 1938 (appointed)
Federal Reserve Bank of Kansas City (Dist. 10)
DIRECTORS
Term Expires Dec. 31Class A
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Federal Reserve Bank of Dallas (Dist. 11)
OFFICERS
*Governor
* Deputy Governors
Chairman and Federal Reserve Agent
Deputy Chairman
- B. A. McKinney
R. R. Gilbert R. B. Coleman
- C. C. Walsh
- S. B. Perkins (Jan. 1 to Feb. 29)
*Note: the Titles of Governor and Vice Governor were changed to President and Vice President effective March 1. Mr. Gilbert was appointed First Vice President.
*- * - ^ ^ ^ fe^^ ^^^_________
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1936
DIRECTORSTerm Expires
Dec. 31Class A
HARDING, R. E. (Fort Worth, Tex.) HOOKS, P. E. (Itasca,Tex.) MORRIS, Alf (Winnsboro, Tex.)
1936 1937 1938
MILAM, J. R. (Waco, Tex.) CLEVELAND, A.S. (Houston, Tex.) MIDDLETON, J. D. (Greenville, Tex.)
1936 1937 1938
(re-elected)
(re-elected)
Class C
PERKINS, S. B. (Dallas, Tex.) Deputy Chairman NVALSH, C .C. (Dallas, Tex.) Chairman and FR Agent Vacancy
Federal Reserve Bank of Dallas (Dist. 11)
Class B
1936 1937 1938
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F i 1936 Federal Reserve Bank of San Francisco (Dist. 12)
OFFICERS
Governor - J U. Calkins Deputy Governors- W. A. Day
Ira Clerk
Chairman and Federal Reserve Agent
Deputy Chairman
President - W. A. Day First Vice
President - Ira Clerk Vice President - W. M. Hale
C. E. Earhart
- W. N. Moore (Jul 7 to Dec. 31)
- W. N. Moore (from Jan. 1 to Feb. 29) A. 0. Stewart (effective July 7)
Note: The titles of Governor and Vice Governor were changed to President and Vice President effective March 1.
?
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1936
POWELL, Keith (Salem, Oreg.) McINTOSH, C. K. (San Francisco, Calif.) RAMSAY, T. H. (San Francisco, Calif.)
Class B
McNAGHTEN, Malcolm (Los Angeles, Calif.) COX, E. H. (Madera, Calif.) vacancy
1936 1937 1938
1936 1937
(re-elected)
Class C
MOORE, W. N. (San Francisco, Calif.) Chairman and FR Agent WELCH, A. P. (San Francisco, Calif.) STEWART,A.O. (San Francisco, Calif.) Deputy Chairman
1936 1937 1938 (appointed)
Federal Reserve Bank of San Francisco (Dist. 12)
DIRECTORS
Term Expires Dec. 31Class A
I_ _i
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U.S. Congress. Senate. Special committee investigating the munitions industry Munitions industry: HEARINGS ... 74th cong., 1st sess.
pursuant to S.Res. 206 (73d cong.) a resolution to make certain investigations concerning the manufacture and sJle of arms and other war munitions. Wash. Govt. ptg.off., 1936.
39pts. Index, pt. 40, printed 1943. Testimony: (Strong, Benjamin
(Exhibits, letters etc. before Senate Special committee
1915-17 (investigating munitions industry. HEARINGS ... 74th cong., 2d sess. S.Res. 206 (73d cong.) Feb.6, 1936 pp9537-9588; 9680-9682 of Pt. 30: pp.9919, 9920,9935-9973, 10145, 10149, 10165, 10169-10174 of Pt.31: pp. 10429-10431, 10469, of Pt. 32.
(Index, p. 14708, shows items as late as 1924; see under Strong, Benjamin entries for S.P. Gilbert and R. C. Leffingwell.) Warburg, Paul - see Pt. 30 and Pt. 31
HEARINGS 4028 .A2
(1936)
II _ II I
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1936 April 21 LEGIiATION
P~pBLIo RAsOLUTIoN-No. 83-74Tr CONGRBSS [8. J. Res. 230 .
JOINT RESOLUTIO,'t
Amending paragraph (4) of subsection (n) of ueeion 12B of the Federal erv Act, as armeded.
Resolved by the Senate and House of Representatives of thk United States of America in Congress assembled, That paragraph (4) of subsection (n) of section 12B of the Federal Reserve Act, >- nded, is amended by striking out "July 1, 1986" and inse J w lie thereof "July 1, 1938". *>' U
Approed, April 21, 193.
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1936 April 21.4 LEGISLATION
(!PUDLXO--NO. 53 O--74TxF OONGAsg3
[B. 3258j AkTj ACT pv-n -nRYx'
bl ibamend uWon 304 of the Revised 8 *
Be it mpted by' fhe Senate a Housef.R~pIe Wof fA Units .. of Am~%a in Oge8ei aisnmbiedV'Iction 804 of the dL6 Statutes,' -as 'nended (81 U. 8. Qjpm 144), is further ded to read as follows:
"ZO. ?'2he may~h Tnr asi4 discretion, and witht consent of S ecretary o ty, authoie the Ass Treasurer in the place and d~isharge ai4 of the of the er of The United States; and o Treasu a point from among the pp'P~ Office to be Acting Treasurer, 4 absenc illness the. Treasurer and Assistan reasurer; and'
Bec tasury mayll?' any time, on the recommenda of the ~ appoint from ino the clerks in OT~ Treasui OffceIU-AL ia 1 f said tobealalAri
leters ut4 to sg edtficates4 op -positi ch
capacity weThat no appointme this section.
untilthe oade. in terms to cover and son appointed hereunder. er, for the time
ann, e es prescribed by
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LEGISLATION
[PUmzo-No. 621-74T CoaMres]
S8o. 8. Subsection (a) oilsection 28 of such Act is amended to
read as follows: ', trr s
"(a) Th iC midssion a&d the Bord of oQwnors of tb# jederal
Reserve ~ shall each'have power to .mk such rules n regu
l na e8ay, necessary for t execution of the functions vested
in then" his ttle, and may for such purpose classify issuers, ou
ritie xcanges, and other persons or matters within theij pec
tive Uisdictions. No provision of this title imposing any ity
shall apply to any act done or omitted in good faith in co rity
with any rule or regulation of the Commission or he Boar of
Governors of the Federal Reserve System, notwithsn4ipg that
such rile or regulation may, after such act or omission, be amended
or rescinded or be determined by judicial or qthqr authority to be
invalid for any reason." Approved, May 27, 1936.
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1936 June 24 LEGISLATION
[PUBUo-No. 778-74m Coxarl [8. 4512]
AN ACT
To amend section 641 of the Code of Law for the District of Columbia.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 641 of chapter XVIII of the Code of Law for the District of Columbia is amended by adding at the end thereof the following new paragraph:
"Any company transacting the business of a trust company and heretofore or hereafter organized or operating under the provisions of this chapter shall have perpetual succession from the date of its organization, or until such time as it be dissolved, or until its franchise shall become forfeited by reason of violation of law, or until terminated by either a general or special Act of Congress or until its affairs be placed in the hands of a reoeive and finally wound up by him."
Approved, June 24, 1936.
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1936 February 1936 to April 1936
Open Market Operations
FEDERAL RESERVE SYSTEI POLICY ACTION
Apparent Intent - Restrictive
Discount Rate
Reserve Requirements
Selective Regulations
Surrounding Circumstances
- Margin requirements raised from range of 25-45 to 55 percent of market value*.
- Stock market had been advancing with increased rapidity; some growth in credit used for speculative activity.
Source: Joint Committee on the Economic Report
Monetary Policy and the Management of the Public Debt (Patman Report) 1952,
Page 220.
*General rule for extensions of credit by brokers and dealers on listed securities
other than exempted securities and, beginning May 1, 1936, for loans by banks on
stocks for the purpose of purchasing or carrying listed stocks.
- ..... e.. oooo*o..
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FEDERAL RESERVE SYSTEM1936 August 1936
Apparent Intent - For other purposes
Open Market Operations
Discount Rate
Reserve Requirements
Selective Regulations
Surrounding Circumstances
- Raised by 1/2.
- To reduce large volume of excess reserves created by gold inflow so that the Federal Reserve would be in a better position to influence credit if necessary at some future time. No change in Federal Reserve policy to influence
business business and credit situation at the time intended
by action.
Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patmn Report) 1952,
Page 220.
POLICY ACTION
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1936 LITIGATION
4.201. sidenta i s.-T of tkl# Federal Res.vDAct greaVti dentL ~i e fks is preS lly the same as the section granting fiidental pb o national ban;fs. These powers are such as are necessary to meet 'e le4 ate demands of the authorized business and to enable the "n hto conduct its affairs within the general scope of it* c prudently. Federal
rr- qi i1181 S.E. 82 (1936).
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1936 LITIGATION
13.580. ,"Ne tule',denying privity ontract.:r 4<'ts
b l.the f Federal Reser* bank had forwarded
diretCs re ane draft, subsequently dishonored, was aaid that the "New
York rule" was applicable and that therefore there was no privity of
contract between the plaintiff and the defendant Reserve bank. On this
theory, the court sustained the defendant's general demurrer and ordered
the suit dismissed. Denning v. Federal Reserve Bank of San Francisco,
Idaho State Dist. Ct., Jan. 14, 1936 (unreported).
e" was lfiwise applied in Whiltingham v. Federal
&l-lU State Dist. C, l lr). For nk of Dalas, 21. . e), aring 2C Fed.
nk o Dalas, 271 U. S. ( ),fring 2 Fed.
T he "Ne~ of
w
it
R e ea 1m ith, 1924).
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1936 LITIGATION
.604. Bank Col thorizing preference.-The eial Reserve Bank %6 a StaW bank for collection i
drawn up ai- ~ ~ iBks were charged on the books of the
latter bank to the accounts of the respective drawers; and a draft was* .Ie Federl Rese rve bank in pa t he iift i as
isued, before it was presented for paym tthe "drawee bank failed.i an action for the appointint ser, the 'Federal Re.ase bank intervened to establish i. i laim againstt the amets of the bank. It was held that since t s in question were not paidor settled for, and since the draft issued y the State bank was not payment or an unconditional credit, the fcets of the case met the requirements of the State Bank CollCtion C l loing a preference in such circumstances. A td tRi~ the Federal Reserve bank was affirmed, ,Fklallan of Chicago v. American Trust and Savings Bank of Hammond, 00 N.E. 248 (Ind. 1936).
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1936 -.... .. 1936 : R i chIarge bajckatc pte^hecks t f g g
kiap. -Believing that defend k was in a unsaf the 'ew fends from that b a ehech d
d bank forwarded titck ank io and the latter bank, after charging the reservo N of
d bank pursuant to an agreement, presented, the 460fl -to nti Defendant returned the check to thesFederal erve Uat the check hald been recalled by tbe p intiff. J was
a o| tion, unauthorized by the plain.tifL I the f ire of ,deft ;' plaintiff brought .suit against the deftito iapress (a trus on the assets of the. hank in the amountlvLe chetk~ Sqyepl 'yea aer the Federal RIHe bank was also made a party d all. It w held that since tht ederg#Reserve bank acted merel°gent
Jin colfecting the check and, undIM e circular governing collections, had Sauthority tocharge back to ti barxny checks not4etually and finAly paidthe charge a of t4defendant was merely pr na ad the dera~t was t&Wfore not liable to the ltiff. Converse . Boston-Continen Nat i k M.I- ' (Q' "1935), aff'd, 87 Fef. (2d1) r% A. 1 W6).
LITIGATION
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1936 LITIGATION
13.83. Rig S act to action of Federal Reserve bank di ounting ineligr1i paper. -Irrespective of the power of a Federal rve .k to take as collateral paper not eligible for discount, no W
can fS0ilaii' of such action except the Government itself. Accordingly, the maker of a note secured by real estate cannot complain, in a suit by the Fdral Reserve bank on the note, that the note was not given for .P ageultural, industaal, or aM" mercial purpose and could not thtore be lawfully discounted by e Federal Reserve bank. Federal Reserve Bank of Richmo ffy, 21,4).C. 598, 188 S.E. 82 (1936).
Nor.-ee also 13.863; 13.1 S ... .
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LITIGATION1936
e Ce anote to a member bank whj~h tfe a Federal Reserve bank. Shprtly befor e emep~
Alosed ad before the not epid~fi amu of tkie membej Ian ou ghi e.g 5 h I'dil te in1 ~ i oif. -Pg~n acOV5y the Fede&ralRe
adk againit the deOMUtVni Awat the note hao 1the meinber bank' as0etWa 'held that
thire is -no agency relationship,LMt . h ank and" its nier Unks exoept such aes n r U'ht,*~gh ti~kderal ~Erve bank had b ccusto 'to send td6 4hjember
bank quu&& tionlotes, w icb.Ahat mneffber 'bank' dVdi
k pIdg e bank, this fa s not.
't e MAhe 4 cor r defent *tre, involvedif Jud~mnt~h or eedn
ijlhmond.1r41o
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